London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

China to Sell Over 7 Million Barrels of State Reserve Crude Oil in First-Ever Auction

China to Sell Over 7 Million Barrels of State Reserve Crude Oil in First-Ever Auction

Beijing's intention to sell its crude oil was unveiled earlier in September by the National Food and Strategic Reserves Administration, but without providing any details on the time or the amount of barrels to be sold.
China will be auctioning some 7.38 million barrels of oil from its national reserve, with the bidding slated for 24 September, according to the recent statement by the National Food and Strategic Reserves Administration.

Beijing will be offering many sorts of oil, including batches of Qatar Marine crude, Oman crude, Murban and Upper Zakum. The administration noted that bidders will have to comply with the national refining industry policy and have sufficient import quotas to take the bonded crude. Additionally, the resale of the volumes purchased at the auction will not be allowed.

China said it would hold the auction in September, marking the country's first public announcement of the state reserve crude oil sale. According to Beijing, the auction “will better stabilise domestic market supply and demand”.

The statement comes in light of US President Joe Biden urging OPEC+ to step away from the pandemic-induced oil production cuts, which were caused by the plummeting demand prompted by the coronavirus. Biden also cited concerns for domestic markets, saying that the step will make gasoline prices more affordable to Americans. US crude production was also impacted by Hurricane Ida that ravaged the country's south in late August.

OPEC, however, said in its monthly report that it estimates world oil demand will decrease due to the Delta coronavirus variant, expecting it to be some 99.70 million barrels per day (bpd) in the fourth quarter of 2021, down 110,000 bpd from last month's forecast.

China, the world's biggest oil importer, is not the only country to have announced state reserve oil auction. Back on 24 August, the United States also said that it plans to hold a Gulf of Mexico auction as soon as October.

Amid Beijing's announcement, along with the tight US supplies, oil prices jumped to six-week-high, with WTI Crude up 0.77% at $71.02 and the price for Brent Crude eclipsing $74 a barrel, up by 0.78% at $74.11 as of Thursday.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×